For this episode of the Used Car Dealer podcast, Zach interviews Jason Reaves who is the President of Wayne Reaves DMS and also a subject matter expert in BHPH. Zach and Jason discuss everything from the mistakes of new BHPH operators to the increased investment in the sub-prime marketplace.
On the episode they discuss:
- How Jason got into the car business and the fact that his father's BHPH store hired developers in the 1970s to build technology to create more efficiencies.
- What Jason has observed from his lens when it comes to BHPH sales during the pandemic
- How has technology (ex - software) evolved the way BHPH dealers operate their dealerships?
- What are the most common mistakes that a new BHPH operator makes?
- BHPH is becoming more and more compliance-driven, whether it’s battling with the Consumer Financial Protection Bureau (CFPB) or litigation on a local level, what are some of the best practices from a compliance standpoint Jason recommends for BHPH dealers
- Jason's thoughts on new models like subscription and online dealers and whether they are trickling down to BHPH
- More funds and sophisticated investors have got into the BHPH space, what are your thoughts on the increased investment (over the last 5 years) into the subprime marketplace; what’s that mean for smaller BHPH operators?
Listen to our other podcast episodes: https://www.sellyautomotive.com/podcast